Summary of PP Market in China on Aug. 19

2019年08月20日09:43 来源：无

The domestic PP market is slightly consolidated. Some high prices are still declining by 20-50 yuan/ton. The confidence of entrants is not improved and the turnover is flat. Futures market is shaky today, and the impact on the spot is limited. Most of the holder's quotations follow the market, and some of the intentions of delivery are strong. However, because the supply of market resources is still not loose enough, the downward margin is relatively small. The downstream terminal is in a cold mood, some of which just need to be purchased, while the transaction is focused on negotiation. The mainstream price of wire drawing in North China market is 8500-8550 yuan/ton, that in East China market is 8600-8750 yuan/ton, and that in South China market is 8800-9050 yuan/ton.

At present, the main contract of PP futures has been sorted out and operated in the near future. Under the circumstance of limited fluctuation, the impact on the spot market is weak. On the spot side, the recent overhaul equipment is still concentrated, and the new product delivery is not as expected. The current situation that the market is not loose in the supply of standard products has not been significantly alleviated, which has a greater support for the market. However, the increasing pressure of petrochemical inventory, the continuing weakness of the standard products, and the need to maintain a small amount of operation also have a significant drag on the market. Based on the above, it is expected that PP spot will continue to be narrowed tomorrow. Taking Yuyao wire drawing as an example, the price range is estimated to be 8600-8750 yuan/ton.

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